Brexit had again grabbed the spotlight on Wednesday, the 9thof January, 2019, as UK House of Common commenced debate over the terms of UK withdrawal from EU. Brexit vote seemed to be leaning towards to the oppositions, as UK lawmakers had again handed over another jurisdictive defeat on Yesterday, while members of her own conservative party voted against UK PM May to limit her tax varying powers in the wake of a no-deal Brexit. Given the turmoil over UK parliament, the 15thJanuary’s Brexit vote might trigger another vote of no-confidence for UK PM Theresa May.

Amid this backdrop in the Brexit progression, the BoE governor, Mark Carney would be holding an online Question & Answer session, which might muzzle the GBP momentum, which has now breached its initial resistance level at 1.2780. When this report is being prepared, the GBP was up by 0.55 percent, alongside Euro, which has gained 0.80 percent so far, signalling a tremendous turnover, which might as well be its best day since the January 12th, 2018, when it surged over 1.41 percent in a day.

American dollar had been hurt grievously on Wednesday, Jan. 9th, as it has been found foundering below 94.66, while a break below 93.85 appears to be on the horizon, ahead of FOMC minutes.

As the US-China trade talk had concluded with optimism of an earlier-than-expected resolution, the commodities and currencies have been surging all over the including the precious metal gold and the black gold, crude oil, which surged over 3 percent yesterday.

EUR/USD daily chart

Bottom Line

So far, the market has been signalling a bullish bias for safe haven commodities like gold and crude oil, alongside, GBP indicates further volatility, ahead of Brexit vote, while Euro alongside, Australian dollar and New Zealand dollar upswing have gathered pace, posting 0.81 percent, 0.59 percent and 1.15 percent gains respectively.

The stocks, currencies and commodity market appeared to be dictated by the US-China trade talk optimism and dovish Fed talk, as global stocks and commodities from all over the world surge today, while the contrarian American dollar had been muddled hardheartedly.

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